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Koinly review
Crypto tax software that consolidates your accounts and generates tax docs.
Koinly is web-based crypto tax software that tracks your portfolio and calculates your tax liabilities. And when you need it, Koinly can generate IRS tax forms that you can download or export to other tax software. But you can’t automatically sync and track NFTs.
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Details
| Federal starting price | $0 |
|---|---|
| Transaction limit | Unlimited |
| Intro or bonus offer | Free trial available |
| Automatic generated tax forms | IRS Form 8949, Schedule D |
| Payment options | Credit, Debit |
At a glance
- Tracks unlimited transactions, but there’s a limit when you generate a report.
- Supports more than 6,000 cryptocurrencies
- Multiple data imports, including API sync and CSV file
What we think
Koinly is best for traders looking to streamline their crypto tax reporting. By syncing and importing your data into Koinly, you can see how much you’ve invested in crypto, get a summary of your crypto income and view your realized and unrealized capital gains.What sets Koinly apart is the ability to test drive the software before paying. You can link all of your exchange and wallet accounts and preview your capital gains for free. But you must pay if you want to download a comprehensive tax report and generate IRS tax forms. And it gets pricey, depending on how many transactions you have.
What exchanges does Koinly support?
Koinly supports more than 360 exchanges that include:- Binance
- Bittrex
- Coinbase
- CoinSpot
- Crypto.com
- Gemini
- Luxor
- Phemex
If Koinly doesn’t support your exchange or wallet, you can import your transaction history as a CSV or EXL file or manually add your transactions.
How much does Koinly cost?
Koinly can track an unlimited amount of transactions, but transaction limits on each plan are tied to generating tax reports.| Plan | Annual cost | Transaction limit | Features |
|---|---|---|---|
| Free | $0 | 10,000 |
|
| Newbie | $49 | 100 | Everything in the free plan, plus:
|
| Hodler | $99 | 1,000 | Same as the Newbie plan |
| Trader | $179 | Up to 3,000 | Same as the Newbie plan |
| Pro | $279 | 10,000, with the option to purchase additional transactions for a total of up to 100,000 | Same as the Newbie plan |
Upgrade to a paid plan with a credit or debit card or with cryptocurrency — BTC, DAI, ETH, USDC.
How to sign up for Koinly
Anybody can sign up for Koinly account in five steps:
- Go to Koinly‘s site and select Sign up.
- Input your name and email and choose a password. Select Create an account.
- Select your base currency and home country from the drop-downs. Select Continue.
- Add your wallets and import your data by auto-syncing or uploading your transaction history.
- Select Free Plan to upgrade your account.
Required information
Provide your name and email address to get started. To set up auto-sync, provide the login credentials to your crypto wallets and exchanges.
4 benefits of Koinly
- Includes Schedule D. Like most crypto tax software, Koinly can fill in your IRS Form 8949. But unlike Accointing and Taxbit, Koinly also includes Schedule D in your tax report.
- Supports crypto payments. Unlike competitors, Koinly accepts both crypto — BTC, ETH, DAI or USDC — and credit or debit card payments.
- Extensive cryptocurrency support. Track transactions for more than 6,000 cryptocurrencies beyond the popular Bitcoin, Dogecoin and Ethereum.
- Share access. Form your own tax team by inviting your accountant, CPA or tax agent to access your Koinly account.
3 drawbacks of Koinly
- No NFTs. While you can add your NFT trades manually, Koinly can’t automatically sync or track NFTs yet.
- Limited mobile app. Android and iOS mobile apps are in beta, and so you must use a computer to use all of Koinly‘s features.
- Doesn’t generate other crypto tax documents. If you’re a business entity, lend crypto or earn crypto income, you’ll need to fill out other IRS tax forms like Schedule 1, Schedule B and Schedule C on your own.
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Is Koinly safe to use?
Yes. Koinly discloses security measures and best practices on its site that include:
- End-to-end encryption of your data, including data “at rest” — or data stored on its site.
- Third-party audits of its code base and infrastructure to reveal and fix issues.
- A+ score on SSL Labs tests, which is the highest industry rating for web server security.
- Third-party storage of your payment details through Stripe, which is used to process your payments.
There have been no reported security breaches at Koinly as of January 2022.
Koinly reviews and complaints
While Koinly doesn’t have a Better Business Bureau page, it’s well liked on Trustpilot, earning a 4.6 out of 5 across more than 600 reviews. Customers rave that the software is easy to use and up-to-date with the latest in crypto developments. Many users also compliment its helpful customer service.
Some users complain about inaccuracies and errors that required manual adjustments to fix, while others cite incompatibility issues with some exchanges. For example, one customer reported difficulty in getting accurate reporting for exchanges like Maker and Compound.
Customer service
Get support in three ways:
- Email support@koinly.io.
- Chat live with a rep through the site.
- Select Request Assistance online to complete a user ticket.
